#1* Biocon Q1FY23 Investor Presentation July 2022 Meta morphosis Biocon 5.0#2Safe Harbor Statement Biocon Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition. BIOCON LIMITED 2#3Biocon is a global biopharmaceutical enterprise that is led by a purpose to develop innovative solutions that provide affordable access to high quality, essential and life saving medicines for patients, payers and health systems across the world. GENOMIC INSPIRATION par trakked#4The Biocon Manifesto As a committed stakeholder of the global health agenda under the UN Sustainable Development Goals (SDGs), Biocon has drawn up a manifesto to deliver on its commitment to universal healthcare. * Biocon B . • accessibility Use our science, scale and expertise to enhance access to essential drugs for patients on the lowest rung of the economic ladder Uncover new medical insights aimed at expanding the scope of therapy to address unmet needs affordability . Focus on the kind of innovation that adds the condition of affordability to accessibility Bring competition for expensive innovator medicines through our generics and biosimilars availability • Build strategic global and regional partnerships to make high-quality biopharmaceuticals available to the maximum number of people Create a robust portfolio of 'blockbuster' drugs with the potential to benefit a billion patients 010 • assurance . Demonstrate the highest levels of ethics, compliance and governance Assure continuous supply of high-quality products conforming to international regulatory standards BIOCON LIMITED 4#5The Biocon Value Creation Journey An 2005- 2009 2010- 2015 2016- 2018 1978- 1999 2000- 2004 DOO Enzymes Company 2019 & Beyond Transforming into a Biopharma Company Building the Base Business and Expertise in Biologics Strategic Global Alliance with Mylan for Biosimilars Expanded (2013) Successful IPO, Biocon listed in India (2004) Enzymes Business Divested (2007) Generic Formulations Global Development Business Unit set up (2013) Commercialized Biosimilars for Diabetes & Cancer in Japan, U.S., EU Global Partnership with Sandoz for Next-Gen Biosimilars (2018) Poised for Global Impact with Biosimilars Investments in complex Generic Formulations of Biosimilars in Partnership with Mylan (2009) IPO of Syngene (2015) * Biocon Unwavering focus through the years on research and innovation to create tangible differentiators for sustainable growth BIOCON LIMITED 5#6Biocon Today: Strategically poised for a strong global play * Biocon Rs. 8,397 Cr | $1.1bn Revenue* ~15,000 Total Employees* P ~1,300 Patents* *FY22 凸 50+ CGMP approvals from International regulatory agencies 120+ Countries where our products are available Ranked 5 Among Top 10 Global Biotech Employers by Science magazine # BIOCON LIMITED6#7FY22 Achievements О TransformAction : Transforming Sustainability at Biocon through Action Рос ✓ O Biocon PATIENT 5.3M patients reached through biosimilars 13% revenue in gross R&D spend (Ex Syngene) க் PEOPLE o Top 5 among global pharma & biotech employer since 2012 o Recognized by UN Women for efforts to promote diversity 。 13% increase in women in workforce SOCIAL o Published Human Rights Policy o Rs. 11 Crore in CSR Spend 120+ students graduated from Biocon Academy ENVIRONMENT 。 58% electricity came from green power 。 100% waste water recycled & reused o 118K tCO2 GHG offset STAKEHOLDER o Board Committees, policies for global governance o Published 1st Tax Policy & Transparency Report, Supplier Code of Conduct GRI Empowering Sustainable Decisions Published 1st GRI aligned ESG & BRSR Report for FY22 Dow Jones Sustainability Indexes Featured for 1st time in 2021 in Emerging Markets Index with a score of 45; among top 15 in India CDP DISCLOSURE INSIGHT ACTION Improved score of 'B' in 2021 in Climate Change & Water Security Secured 'Bronze' place, ecovadis improved score of 52 in 2021 Click here to view our 1st ESG Report FY22 BIOCON LIMITED7#8Business Segments#9Growth Verticals: Aligned With Shifting Paradigms Biocon From pipeline to production, from drug discovery to drug delivery, we bring differentiated, high-quality and affordable healthcare products & services globally. Biocon GENERICS Biocon Biologics Biocon Syngene BIOSIMILARS NOVEL RESEARCH BIOLOGICS SERVICES Ensuring access through quality, affordability, reliability Expanding access through innovative, inclusive healthcare solutions Pushing scientific boundaries to deliver impactful innovations Partnering to deliver innovative scientific solutions BIOCON LIMITED 6#10Generics : API – the building blocks - BUSINESS OVERVIEW Among world's largest manufacturers of statin & immunosuppressant APIs; leadership in Fermentation based APIs Expertise in fermentation technology, large scale chromatography & synthetic chemistry Balanced portfolio across cardiovascular, anti-diabetes, immunosuppressants, high potent API & few niche molecules for hospitals/institutions Consistent quality compliance & regulatory approvals track record - U.S. FDA, EMA, TGA Australia, Health Canada, Cofepris Mexico GROWTH DRIVERS ACROSS STRATEGIC PRIORITIES fermentation-based APIs • Expanding beyond (e.g. peptides, potent APIs) Product •Investing in R&D - Pipeline Manufacturing Expansion continuous manufacturing, bio transformation ⚫ Augmenting capacities & capabilities: Immunosuppressants (Vishakhapatnam) Synthetic API (Hyderabad) Additional fermentation capacities (Bengaluru) Regional Expansion Base Business Kil $65b Global Generic API Market Size 2022E* 898 40+ APIs 700+ ΑΡΙ customers 75+ Countries served by API across US, Europe & large emerging markets *Source: Global Industry Analysts Inc.'s 'Active Pharmaceutical Ingredients (API) - Global Market Trajectory & Analytics' Report, March 2022 Biocon Expanding in select key markets • Large customer acquisitions • De-risking dependence for critical intermediates |日日日 5 Facilities in India BIOCON LIMITED10#11Generics : Forward integrating to Generic Formulations BUSINESS OVERVIEW Leveraging in-house API expertise to forward integrate and move up the value chain GROWTH DRIVERS ACROSS . STRATEGIC PRIORITIES Expanding portfolio through Vertical integration & - In-licensing strategy Product Portfolio across therapeutic segments - CVS, Metabolics, Oncology, Immunology & Auto-immune indications Pipeline 匡 Development pipeline includes oral solids (potent & non- potent), topical, parenteral & device dependent products Manufacturing Expansion Commercialised in the US; now expanding to select European & MoW markets; directly & through partners Regional Expansion • Adding capabilities - injectable facility in Bengaluru Biocon • Expanding beyond the US, either direct or through partners Launched in EU, MoW - Direct Presence currently in select European markets & UAE Partnerships in place in Southeast Asia, Mexico, Brazil and MENA Kil~$335b Global Generics Drugs Market Size 2021* 88 -TH 11 Commercial US Formulations *Source: Research & Markets' Report on 'Global Generic Drugs Market Report 2021', March 2021 5 Approved/ tentatively approved ANDAS Ex US Approvals BIOCON LIMITED 11#12Generics: Q1FY23 Update KEY HIGHLIGHTS YoY growth due to continued performance in API & recently launched generic formulations, coupled with lower base last year Launched vertically integrated formulation, Mycophenolic Acid Delayed Release tablet in the US Received approvals for Lenalidomide in the EU, Fingolimod capsules in the UAE and Rosuvastatin Tablets in Singapore Received a GMP certificate from MHRA, UK for oral solid dosage formulation facility located in Biocon Park, Bengaluru On track to qualify & validate Vizag API facility in FY23 Q1 FY23 Q1 FY23 Biocon Revenue *580Cr *486Cr +19% Profit Before Tax (PBT) *63Cr *29Cr +116% 11% of revenue 6% of revenue BIOCON LIMITED 12#13Biosimilars: Overview Leadership in biologics R&D, manufacturing and commercialization built over two decades Driven by high scientific acumen with analytical and clinical capabilities in a complex regulatory setting Expertise in large scale biologics manufacturing across diverse technology platforms Product reach in over 75 countries including US, Europe, Canada, Japan and Australia 8 Approved Products1 Biocon 2 Research & 3☑ Manufacturing sites 25+ CGMP approvals Development sites (2 Bengaluru, 1 Malaysia) (incl. FDA & EMA) BIOCON BIOSIMILARS TARGET ADDRESSABLE MARKET $25 bn $21 bn $16 bn Serve patients through commercial partners and direct sales force in India² FY21 FY22 FY23 $73 bn 3.3x $69 bn $62 bn $42 bn FY24 FY25 FY26 FY27 Reported Innovator + Biosimilar³ Sales (2021) 1 Includes Adalimumab and Etanercept which have been in-licensed by Viatris and Biocon Biologics has economic interest. | 2 Branded Formulations India (BFI) is the commercial platform in India | 3 Only includes products where there has been company reported sales (Biosimilar sales only included for companies that report the numbers) BIOCON LIMITED 13#14Biosimilar strategy resulted in several 'firsts' * Biocon Achieved many firsts in the space despite the nascent biosimilars regulatory pathway, setting new benchmarks for the industry 2004 11 2017 2018 2021 1st company to commercialize human insulin using proprietary P. pastoris platform 1st company to receive approval for bTrastuzumab in the US 1st company to receive approval for bPegfilgrastim in the US 1st company to receive interchangeability for a biosimilar (glargine) in the US BIOCON LIMITED 14#15Growing participation in global biosimilars market PARTNER Mylan VIATRIS™ (2009) SANDOZA Novartis (2018) Division BBL ROLE Biosimilars co-developed and co-commercialized with R&D and manufacturing led by BBL Set of next-gen biosimilars being co-developed Biocon Biologics Transforming Healthcare. Transforming Lives. (ONGOING) Independently developing several biosimilar assets Acquisition of Viatris' biosimilar business to build a fully- integrated global biosimilar enterprise Biocon BBL ECONOMICS Collaboration with partners to build complementary capabilities, de-risking the journey in an uncharted territory BIOCON LIMITED 15#16Acquisition of Viatris' biosimilars business to add financial depth and global commercial capabilities... 1 Financial 2 Operational BBL to realize full revenue and profits from all its collaboration programs Commercialization, Supply Chain and Regulatory capabilities in Developed Markets * Biocon Revenue EBITDA $1.1b | $250m Viatris Biosimilars CY23 estimate¹ 3 New Growth Drivers Launch of collaboration products in the US along with a new in-licensed biosimilar asset bBevacizumab bAspart bAdalimumab bAflibercept Viatris to provide commercial and transition services for an expected two-year period, at cost plus $44m p.a. Note: Transaction subject to regulatory approvals | 1 BBL estimates of Viatris' business BIOCON LIMITED 16#17...transforming into a fully-integrated global biosimilars business Biosimilar Value Chain PRODUCT DEVELOPMENT CLINICAL TRIALS REGULATORY MANUFACTURING SUPPLY CHAIN COMMERCIALIZATION Biocon Biologics CURRENT Emerging Markets Developed Markets Note: Transaction subject to regulatory approvals | 1 BBL estimates of Viatris' business × ४ ४ Biocon POST ACQUISITION OF VIATRIS' BIOSIMILARS BUSINESS Global Markets BIOCON LIMITED17#18Entering adjacencies in communicable disease: infectious disease antibodies and vaccines Key Commercial Products (COVID -19) Te Biocon Biologics Itolizumab for Injection (r-DNA origin) ALZUMAB-L अल्जुमैब- एल Ferix is only bolizumab for Injection Ag Altumab-L Biocon Biologics For India Only 100mg CytoSorb REGAIN CONTROL Remdesivir for Injection Lyophilized 4 RemWin™ रेमविन For use p Ichalup FORE 50,000+ lives impacted Cyns Inc Recent Collaborations a a g SII SERUM INSTITUTE OF INDIA Continued portfolio expansion * Biocon BIOCON LIMITED 18#19Asset-light entry into vaccines through SILS alliance SII SERUM INSTITUTE OF INDIA 1 BBL RIGHTS Access to 100m doses of vaccines annually for ~15 years 2 Commercialization rights of the SILS portfolio for global markets 3 BBL to have committed revenue stream and related margins from H2 FY23 * Biocon Biocon Biologics Alliance to commercialize SILS COVID portfolio and other next generation vaccines BIOCON LIMITED 19#20Comprehensive portfolio of 20 biosimilars and vaccines... BIOSIMILAR PRODUCT STATUS * Biocon Therapeutic Area Molecule Pegfilgrastim Trastuzumab¹ Oncology Bevacizumab¹ Denosumab Pertuzumab¹ Adalimumab¹ 1,2 Immunology Diabetes Etanercept 1,2 Ustekinumab Glargine 100U1,3 Glargine 300U¹ Aspart¹ Denosumab rHI Bone Health Undisclosed 7 Assets Aflibercept US Dev. Markets: ex-US Europe, CANZ Europe, CANZ Europe, AU, CA Europe, CANZ, JP Europe, CA, JP Europe UK, CANZ, JP Europe, CANZ, JP Europe Europe, CA Europe, CANZ, JP MoW4 Commentary bBevacizumab: Approved in EU, Canada and Australia; US approval awaiting site inspection bDenosumab: Ph-1 and Ph-3 clinical trial ongoing bAdalimumab: US launch expected in mid-2023 bustekinumab: Ph-1 and Ph-3 clinical trial ongoing rHI (US): BLA filing for various presentation bAflibercept: First-to-file in US Early Dev./ Preclinical Clinical Filed Approved Ophthalmology Access to SILS vaccine portfolio (Covishield and Covovax) and other next generation vaccines (e.g., mosquito-borne disease vaccines)6 1 In partnership with Viatris; 2 Partner Viatris has in-licensed product (Biocon benefits from economic interest) | 3 Japan is outside of Viatris partnership | 4 MoW represents Most of the World markets. Chart represents the status of the country where the product is in most advanced stage. Every country has a different status | 5 Expected to be included in BBL portfolio post the completion of BBL's acquisition of Viatris' biosimilar business (Viatris has global rights to the program partnered with Momenta) | 6 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL) BIOCON LIMITED 20#21...set up to deliver sustainable growth trajectory Today - Pegfilgrastim - Trastuzumab - - Bevacizumab (EU) Glargine 100 IU Aspart (EU) BIOCON BIOLOGICS GROWTH DRIVERS < 2 years 2-4 years >4 years - - - Adalimumab (EU) - - Etanercept (EU) Bevacizumab (US) Aspart (US) Adalimumab (US) rH-Insulin (US) Vaccines (SILS collaboration) - - Aflibercept² Ustekinumab Denosumab - Pertuzumab - - Glargine 300 IU Seven undisclosed programs 1 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL); 2 Expected to be included in BBL portfolio post the completion of BBL's acquisition of Viatris' biosimilar business (Viatris has global rights to the program partnered with Momenta) -- * Biocon BIOCON LIMITED 21#22Biosimilars: Q1 FY23 Update KEY HIGHLIGHTS Revenue growth excluding COVID-19 related sales at 46% YoY Q1 FY23 Progress of our unpartnered biosimilars pipeline, including bustekinumab & bDenosumab, increased R&D cost by 120% YoY Non-cash foreign currency translation loss of *43cr on Goldman Sach's OCD investment *977Cr Strong performance of 351(k) interchangeable biosimilar insulin glargine in the US Canada: Launched bBevacizumab; bGlargine and bAspart expected to be launched in CY22 Site inspections by the US FDA expected in August 2022, paving way for bBevacizumab and bAspart approval in US *Core EBITDA defined as EBITDA excluding R&D, forex, licensing income and mark-to-market movement on investments Q1 FY22 Biocon Revenue *758Cr +29% Core EBITDA* *361Cr *271Cr +33% 37% of revenue 36% of revenue Profit Before Tax (PBT) *71Cr 7% of revenue *101 Cr 13% of revenue -30% BIOCON LIMITED 22#23Biocon Biologics offers differentiated value proposition through its state-of-the-art platform 1 Fully integrated global biosimilars company (lab to market) 2 Strong commercial presence in global markets 3 Comprehensive portfolio of insulins, mAbs and vaccines Biocon Biologics 4 Global scale biologics manufacturing capacity 5 Experienced management team with strong execution capabilities 6 Strong business financials enabling long-term growth * Biocon BIOCON LIMITED 23#24Novel Molecules: Pushing scientific boundaries to deliver impactful innovations Disease Area Asset Graft-Versus-Host Disease (GVHD) Current Progress Biocon Inflammation дро Immuno- oncology *partnered with Equillium Inc. Itolizumab* - A novel humanized CD6 antibody • BCA101** • Formerly FmAb2 First-in-class EGFR/TGFẞ- trap bifunctional antibody • Pivotal Phase III Study initiated in Mar '22 for use in First-Line treatment of Acute GVHD; patient dosing initiated • European Commission granted an 'Orphan Medical Product' designation for treatment of GVHD in Jul '21 Systemic Lupus Erythematosus/Lupus Nephritis (SLE/LN) indication Given positive trends in Part A, expanded Part B portion of Phase 1b EQUALISE study to clinical centers in India; patient recruitment continues Cytokine Release Syndrome treatment in 'Moderate to Severe' Acute Respiratory Distress Syndrome Repurposed for prevention & treatment of COVID-19 complications in India in 2020; granted 'Restricted Emergency Use' approval in Sep '20 Phase I/II study initiated at leading US and Canadian cancer centers in Jul '20 • Under evaluation, both as a single agent & in combination with the checkpoint inhibitor, Pembrolizumab 。 Completed enrollment for dose finding part of Phase I trial & established highest dose with desired level of safety & tolerability. 。 In Feb '22, initiated dose expansion cohorts in patients with head & neck squamous cell carcinoma (HNSCC), squamous cell carcinoma of the anal canal (SCAC) and cutaneous squamous cell carcinoma (cSCC) 。 Primary results expected in 2H22 Securing external funding to support clinical development **part of Bicara Therapeutics Inc., a US based clinical-stage biotechnology company. In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS. BIOCON LIMITED 24#25Novels: Q1 FY23 Update KEY HIGHLIGHTS Equillium initiated patient dosing for the pivotal Phase III clinical study of Itolizumab in patients with aGVHD* Patient recruitment continues for the pivotal Phase 1b clinical study of Itolizumab for Lupus Nephritis Recommended dose established** at 1500 mg once weekly for Bicara#'s BCA101 BCA101 being evaluated** in head & neck squamous cell carcinoma, squamous cell carcinoma of the anal canal, cutaneous squamous cell carcinoma; primary results expected in 2H22 * Biocon *Acute Graft-Versus-Host Disease **as monotherapy and in combination with pembrolizumab # In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara Therapeutics Inc. to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS. BIOCON LIMITED 25#26Research Services (Syngene) : Overview Offering integrated research, development & manufacturing services for small & large molecules, antibody-drug conjugates & oligonucleotides backed by best-in-class bioinformatic services World-class R&D and manufacturing infrastructure spread over 2 million square feet * Biocon Audited successfully by US FDA, EMA, AAALAC and major life sciences partners Talented scientific & techno-commercial teams, led by experienced management, moving beyond cost arbitrage to innovation; 5000+ talented team of scientists, incl. ~500 PhDs ~420+ active marquee clients across multiple sectors Strong track record of top-line growth with best-in-class EBITDA margins and Net Profit margin Listed in India on BSE and NSE in 2015 Syngene BIOCON LIMITED26#27Research Services: Q1FY23 Update KEY HIGHLIGHTS Results against a strong quarter last year due to Remdesivir sales. Excluding Remdesivir, ~30% YoY revenue growth Q4 FY22 Signed 10-year agreement with Zoetis for commercial manufacturing of drug substance for LibrelaⓇ, MAb used for pain alleviation in dogs *645Cr Q4 FY21 Biocon Revenue *595Cr +8% Continued investment in infrastructure incl. PROTACS* lab commissioned in Hyderabad Profit Before Tax (PBT) *93Cr *95Cr -2% 14% of revenue 16% of revenue Revenue guidance for FY23 raised from mid-teens to high teens *Part of Syngene's novel cancer drug discovery strategy for clients BIOCON LIMITED 27#28Financial Highlights#29Financial Highlights: Q1FY23 Q1 FY23 Q1 FY22 Revenue +23% *2,217Cr *1,808Cr Core EBITDA* +25% *660Cr *530Cr % margin 31% 30% EBITDA +9% *478Cr *437Cr % margin 22% 24% Profit Before Tax +19% 197Cr *166Cr % margin 9% 9% Net Profit +71% *144Cr *84Cr % margin 7% 5% *Core EBITDA defined as EBITDA before forex, R&D, licensing income and gain on dilution of stake in associates. Biocon Biosimilars +29% | Generics +19% | Research Services +8% Forex Loss of ₹38Cr vs Gain of ₹17Cr in Q1FY22 Gross R&D spend at *223Cr vs 136Cr in Q1FY22 R&D spend in P&L 198Cr vs 120Cr in Q1FY22 BIOCON LIMITED 29#30Financial Highlights: FY22 Biocon FY22 FY 21 Revenue +14% 8,397Cr *7,398Cr Core EBITDA* +18% 2,669Cr *2,270Cr % margin 32% 31% Biosimilars +24% | Research Services +19% | Generics -1% Dilution Gain in Associates of 30Cr vs 160Cr in FY21 Mark-to-market loss on investments of *28Cr; Forex Gain of *58Cr vs loss of 9Cr in FY21 EBITDA +14% 2,183Cr *1,907Cr Gross R&D spend at ₹711Cr R&D spend in P&L *595Cr % margin 26% 26% Profit Before Tax +4% 1,094Cr *1,055Cr before Exceptional Items Exceptional Loss at 111Cr % margin 13% 14% Net Profit *722Cr *744Cr Net Profit after exceptional items at *648Cr Before Exceptional Items % margin 9% 10% *Core EBITDA defined as EBITDA before forex, R&D, mark-to-market loss on investments, licensing income and gain on dilution of stake in associates. BIOCON LIMITED30